Moody's rates Syniverse loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to the new $244.2 million term loan B available to Syniverse Technologies Inc. Moody's also affirmed the company's B1 senior implied rating and the B3 rating on the company's $245 million 12¾% senior subordinated notes due 2009.

The outlook was revised to stable from negative.

Proceeds from the new term loan, along with cash on hand, will be used to retire the existing term loan and to acquire the North American Interoperator Services business of EDS for $57 million.

Moody's said the Ba3 rating on the senior secured bank debt reflects the strong position these lenders enjoy, notwithstanding the large percentage of the total debt (roughly 50%) these obligations will represent at closing of the acquisition.

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